Editor’s Note: Each year, Healthcare Informatics ranks the 100 vendors with the highest revenues derived from healthcare IT products and services earned in the U.S. based on revenue information from the previous year. This year, however, for the first time ever, vendors were also asked to estimate the percentage of revenue earned in all of their product segments. For the vendors that filled out the product revenue data, those percentages were displayed in pie chart form within each listing.
Beyond presenting the product segment revenues in each company listing, Healthcare Informatics editors wanted to further breakdown the top revenue earners in each of our seven segments: Financial Information Systems, Clinical Information Systems, Data Analytics, Data Management, Data Security, Data Exchange, and Consulting Services.
Throughout the next several days, Healthcare Informatics will reveal its top 5 companies by revenue—based on percentage of total health IT revenue—within these seven different categories. Serving as a supplement to the broader Healthcare Informatics 100 list, we hope that this data, along with the brief content that accompanies it, gives you our readers, a greater sense into the latest market trends within each of these respective product categories.
All data has been sent to Healthcare Informatics from the vendors themselves and confirmed by each company.
Bharat Rao, Ph.D., national leader for healthcare and life sciences data analytics, at KPMG LLP, a New York City-based audit, tax and advisory firm, says that there is a solid set of reporting and business intelligence (BI) tools currently on the market, as well as in-memory tools that allow for crunching data and making it available instantly.
“We’re also now starting to see things like the well-publicized Watson [IBM’s supercomputer] do predictive analytics in healthcare, and then you have these data aggregators that have the ability to suck in data from different sources and put it together,” says Rao, who has more than 60 patents tied into the realm of healthcare informatics and analytics.
He predicts that a future trend in this area will be the increased willingness of these vendor “mammoths” to now work with smaller vendors. The reason for that, he says, is that a hospital may like vendor X’s product for data transformation, for instance, but that hospital may insist that the vendor has to work with another vendor that the hospital already is experiencing success with. “It’s not a trend yet, because the big boys think they can do everything that’s important, but healthcare is so complex that these niche vendors have started to get a larger foothold. I see an increased acceptance of being willing to play with them,” Rao says.
Top 5 Data Analytics Vendors by Revenue
|Vendor||Product Breakout Revenue||% Of Whole Revenue|
|The Advisory Board Company||$780,800,000||100%|
|Conifer Health Solutions||$140,000,000||10%|